The 1938-S Wheat Penny is worth anywhere from $0.20 in worn condition to over $450 in high-grade mint state. While most coins found in jars today are worth a few cents, certain specimens with vibrant “Red” luster can command significant premiums from collectors and investors alike.

Condition	Estimated Value
Good (G-4)	$0.15 – $0.25
Fine (F-12)	$0.35 – $0.50
Extremely Fine (XF-40)	$1.25 – $2.00
Uncirculated (MS-63)	$5.00 – $12.00
Gem Mint (MS-65+)	$35.00 – $150.00+

Determining the 1938-S Wheat Penny Value for Beginners

If you have discovered a 1938 Lincoln Cent with an “S” mint mark, you are holding a piece of American history from the tail end of the Great Depression. Because hundreds of millions of Wheat pennies were minted throughout the 20th century, knowing the exact 1938-S Wheat Penny value requires a careful eye for detail. The first step for any casual collector is to verify the mint mark, which is located just below the date on the obverse (heads) side of the coin. The “S” signifies it was produced at the San Francisco Mint.

To get an instant second opinion on your find, many hobbyists utilize the top coin identifier app to scan their coins and receive real-time market data. The CoinKnow app is particularly helpful for distinguishing between common circulated coins and those rare high-grade treasures. Most 1938-S pennies found in circulation have “Good” or “Fine” details, meaning the lines in Lincoln’s hair or the wheat stalks on the back are smoothed over.

For those interested in historical context, 1938 was a year of transition. The San Francisco Mint produced a relatively small number of pennies compared to the Philadelphia Mint, which often makes “S” marked coins slightly more desirable. Understanding the 1938 penny value involves looking past the copper surface and identifying the specific “strike” and color of the metal, which we will detail in the following sections.

Grading and Condition: The Key to Higher Prices

Coin grading is the most critical factor in determining the price of a 1938-S Lincoln Wheat Cent. Professional graders use a 70-point scale to rank coins from “Basal State” (1) to “Perfect Mint State” (70). For an everyday American, you can categorize your coin into four main bands: Circulated, About Uncirculated, Mint State, and Gem Mint. A coin that looks like it just came from a bank roll will always be worth significantly more than one that spent decades in someone’s pocket.

In the world of numismatics, the color of a copper coin also dictates its price. You will see designations like Brown (BN), Red-Brown (RB), and Red (RD). A “Red” 1938-S penny is one that has retained at least 95% of its original orange-red copper glow. Checking the 1938-S Lincoln cent mint state red price reveals that these vibrant coins are the ones fetching top dollar at major auctions like Heritage or Stack’s Bowers.

Grade Designation	Visual Characteristics	Typical Sale Price
Brown (BN)	Dark chocolate color, fully circulated.	$0.15 – $2.00
Red-Brown (RB)	Mixture of copper red and brown spots.	$3.00 – $15.00
Red (RD)	Bright, original mint luster.	$25.00 – $450.00+

Modern Mintage Figures for the 1938-S Penny

Researching mintage figures helps collectors understand the scarcity of a specific year. In 1938, the San Francisco Mint produced 15,189,000 Wheat pennies. While fifteen million sounds like a high number, it is actually quite low compared to the 1938 Philadelphia mintage of over 156 million. This lower production volume is why the 1938-S tends to hold its value better than the 1938 (no mint mark) variety in similar conditions.

Low mintage doesn’t always equal high value if the survival rate is high, but the 1938-S sits in a “sweet spot.” It is accessible enough for beginners to collect but scarce enough in perfect condition to interest serious investors. If you aren’t sure if your coin has reached a collectible grade, using the CoinKnow tool can help you compare your coin’s surface to high-resolution images of graded examples. This visual comparison is essential before deciding whether to pay for professional grading services like PCGS or NGC.

Significant 1938-S Wheat Penny Errors to Look For

While most 1938-S pennies are standard strikes, error hunters spend hours looking for “varieties.” The most famous for this year is the “S over S” Re-Punched Mint Mark (RPM). This occurs when the mint mark was punched into the die more than once, creating a doubled or shadowed effect on the letter “S.” These errors can easily double or triple the 1938-S Lincoln Penny value if the error is clear to the naked eye.

Another common minor error includes “Die Cracks,” where small raised lines of metal appear on the coin’s surface because the steel die used to stamp the coin began to break. While small die cracks add only a few dollars in value, a major “Cud” error—where a large portion of the die breaks off—can make a coin very valuable. Always inspect the edges and the background fields of your coin for any irregularities that shouldn’t be there according to standard designs.

Error Type	Description	Added Value
RPN (S over S)	Secondary ‘S’ visible behind the main mark.	$15 – $100
Lamination Crack	Metal peeling on the surface of the coin.	$5 – $20
Off-Center Strike	The design is not centered on the planchet.	$50 – $200+

Tips for Selling Your 1938-S San Francisco Penny

Once you’ve identified that your 1938-S Wheat Penny has value, the next step is knowing where to sell it. For coins worth less than $10, local coin shops or eBay are your best bets. However, if you believe you have a “Gem Red” specimen worth hundreds of dollars, you should consider professional authentication. Selling a raw (unprotected) coin usually results in a lower price because the buyer takes on the risk of it being cleaned or damaged.

Avoid cleaning your coins at all costs. Amateur collectors often think that scrubbing a penny with baking soda or vinegar to make it “shiny” will increase the 1938-S Lincoln Penny value, but the opposite is true. Cleaning a coin leaves microscopic scratches that any professional will notice instantly, often reducing the value by 90% or more. Genuine “original” patina—even if it’s brown—is always preferred over artificial shine.

If you are just starting your selling journey, the CoinKnow app provides a great community and pricing database to help you avoid getting low-balled by local dealers. Knowledge is power in the coin world; knowing the current auction trends for your specific grade will ensure you get a fair price when you finally decide to part with your vintage copper.

Selling Platform	Pros	Cons
Local Coin Shop	Immediate cash payment.	Will offer wholesale prices (lower).
eBay	Access to thousands of buyers.	High fees and shipping hassle.
Major Auction Houses	Best for high-value Red coins.	Long wait times and high commissions.

FAQ Section

Q: Where is the mint mark on a 1938-S Wheat Penny?

A: The “S” mint mark is located on the obverse (front) of the coin, directly beneath the date “1938” and to the right of Lincoln’s collar. If there is no letter there, the coin was minted in Philadelphia.

Q: Is a 1938-S Wheat Penny rare?

A: It is considered a semi-scarce coin. While 15 million were made, it is much harder to find in circulation today than later dates from the 1940s and 50s. It is particularly rare in high-grade “Red” condition.

Q: Should I get my 1938-S penny graded by PCGS?

A: Generally, you should only pay for professional grading if the coin is in Uncirculated (Mint State) condition and appears to have a “Red” finish. If the coin is brown and worn, the cost of grading ($30-$50) will likely exceed the value of the coin.

Q: What is the most expensive 1938-S Wheat Penny ever sold?

A: Exceptional specimens in MS-67 Red condition have sold for over $1,000 at auction. However, these are extremely rare and possess nearly flawless surfaces and perfect original luster.